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Moody’s rates Spectrum Brands notes B2
Moody’s Investors Service said it assigned a B2 rating to Spectrum Brands, Inc.’s new $400 million of senior unsecured notes. All other ratings remain unchanged, including the company’s B1 corporate family rating, the B1-PD probability of default rating and the Ba1 senior secured revolving credit facility and term loan ratings. The speculating grade liquidity rating remains SGL-1.
Proceeds along with a recently launched senior secured term loan will be used to refinance debt, including repayment of the company’s due in 2024 and partial repayment of the notes due in 2025.
“The transaction is credit positive as it extends the company’s maturity profile while also reducing interest expense. Moody’s plans to withdraw the ratings of the existing 2024 notes upon their repayment,” the agency said in a press release.
The outlook remains stable.
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